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FIFO and COGS ca
12/26/08 10:09 PM, Viewed by asker 12/30/08 10:06 PM
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Total Views: 462
I have QB Simple Start. If I count and value year end inventory at the last purchase price (of each relevant item), and calculate COGS (= Beg Invt + Purchases - End Invt), wouldn't that reflect the FIFO method? After taking Physical Inventory at month end and calculating COGS as above I would make a journal entry:
Db COGS xxxx
Cr Inventory xxxx
Shouldn't this work for FIFO?
Db COGS xxxx
Cr Inventory xxxx
Shouldn't this work for FIFO?
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Answer
12/27/08 2:43 PM
Your previous question was moved to a better place at this link:
https://community.intuit.com/post/detail/afJqqu09Kr3AAGab8PAGIy
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Thanks for posting,
Dennis
https://community.intuit.com/post/detail/afJqqu09Kr3AAGab8PAGIy
To manage your Q & A better, try subscribing to the question so that you get an email notification when there is activity. Also, the link My Q & A after you log in will take you to a list of all your activity.
Thanks for posting,
Dennis
